KELOWNA, BC, Nov. 29, 2013 /CNW/ - Metalex Ventures Ltd. (TSXV : MTX) ("Metalex", the "Company") is pleased to announce
progress on the consultation process for the U2 kimberlite project and
a newly discovered area with anomalous diamond indicator minerals at
the Quebec diamond project.
U2 Diamond Project
Metalex's President Chad Ulansky has been working over a two year period
with the Attawapiskat and Marten Falls First Nations towards an
agreement with respect to the collection and processing for diamonds of
a 10,000 ton bulk sample from the U2 kimberlite. Drilling equipment
capable of drilling 50 holes (60 centimetre diameter) to a depth of 360
metres as well as plant equipment capable of extracting an estimated
1,000 to 2,000 carats of diamonds would be transported along a 60
kilometer extension of the winter road supplying DeBeers' Victor
Diamond Mine.
Mr. Ulansky, accompanied by joint venture partner Dundee Corp's
representative David Christie who is Vice President of Goodman and
Company Investment Counsel (a wholly owned subsidiary of Dundee Corp.),
U2 project manager A. Lee Barker P.Eng., Amec environmental scientist
Lesley Lorrimer and Metalex Chairman Dr Charles Fipke met with
Attawapiskat Chief Theresa Spence and Marten Falls Chief Eli Moonias
and their respective councilors and advisors in a November 27th meeting in Attawapiskat which was open to the public. After numerous
meetings further information and concessions were requested. Metalex
endeavours to provide the requested information in the coming days and
it is hoped that this additional information will soon allow the
signing of the finalized exploration agreement.
Quebec Diamond Project
Metalex, along with its project joint venture partners (Wemindji
Exploration and Dianor Resources), are pleased to announce that 410
follow up heavy mineral samples have recently been collected in areas
of western Quebec previously identified to contain anomalous diamond
inclusion composition indicator minerals. These samples are presently
being processed at CF Mineral Research Ltd in Kelowna, BC.
Heavy minerals samples surrounding a 1.3 kilometre diameter lake located
on Category 2 land near the First Nation of Wemindji have been
discovered to contain anomalous quantities of diamond inclusion
composition indicator minerals including G10 and Group 1 eclogitic
garnets. Now that sufficient ice has formed over the lake Metalex is
planning to commence a ground geophysical survey within the next week
with the objective of defining drill targets under or in the vicinity
of the lake.
Core drilling of discovered targets is expected to commence in January
2014.
The technical information and results reported here have been reviewed
by Mr. Chad Ulansky P.Geol., a Qualified Person under National
Instrument 43-101, who is responsible for the technical content of this
release.
Signed,
Charles Fipke
Charles Fipke
Chairman
Forward Looking Statements
Some of the statements contained herein may be forward-looking
statements which involve known and unknown risks and uncertainties.
Without limitation, statements regarding potential mineralization and
resources, exploration results, and future plans and objectives of the
Company are forward looking statements that involve various risks. The
following are important factors that could cause the Company's actual
results to differ materially from those expressed or implied by such
forward looking statements: changes in the world wide price of mineral
commodities, general market conditions, risks inherent in mineral
exploration, risks associated with development, construction and mining
operations, the uncertainty of future profitability and the uncertainty
of access to additional capital. There can be no assurance that
forward-looking statements will prove to be accurate as actual results
and future events may differ materially from those anticipated in such
statements. Metalex undertakes no obligation to update such
forward-looking statements if circumstances or management's estimates
or opinions should change. The reader is cautioned not to place undue
reliance on such forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
SOURCE Metalex Ventures Ltd.
